Earlybird is a snack best eaten cold.
The company is like a bad lunch - it keeps on repeating on you.
They managed to raise twice on Crowdcube, the second time at a value of £1.5m only a few months ago. This raise was farcical, having had to change the end date several times and increase the equity to squirm over the line. Now they are back on Envestors with an increased valuation! They are apparently worth £2m. They have been on Crowdcube, Angels Den and now Envestors - see here . Where to next govner?
The revenues on Crowdcube were due to go from £11,000 to over £1m in 12 months. Need we say more.
As they have changed all their dates, from the Crowdcube raise to now, its almost impossible to tell if their projections are realistic. Our bet is that they are worse than most, which means they are not great - CAVEAT IPSUM EMPTOR.
We love the line in the pitch (again sent to us anon) about the Exit strategy. 'Exit is most likely via a trade sale'. In our opinion the exit is most likely out the back door.